Page 1 - Beyond Tax: Contested Election, Trade War, and the Post-COVID World

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■ 2020 YEAR-END PLANNING
Beyond Tax: Contested Election,

Trade War, and the Post-COVID

World

By Sidney Kess and Thomas K. Lauletta

any experts are focusing primarily on the tax issues that are likely
to arise as a result of the election, such as changes in the wealth tax
M and estate taxes. We would like to shift the focus to include possible
national and international factors that are likely to impact investments result-
ing both from the current pandemic and also the pending election.

Possibility of Contested Election
Everyone knows that the Market hates uncertainty. How should investors
“ride out” a lingering pandemic and possibly a close election that might be
contested?
Experts might suggest seeking safe havens, such as gold or even cash, espe-
cially if investments are within a tax-free vehicle, such as an IRA or pension
that places low or no fees on transfers. This will enable investors to be ready
to jump back into investments once the situation becomes clearer and more
Sidney Kess, CPA, J.D., is of stable.
Counsel to Kostelanetz & Fink
and Senior Consultant, Citrin
Cooperman, both of New York, Impact of COVID-19
New York. He is the founder of What will happen once vaccines are widely distributed? A significant portion
the Wolters Kluwer Financial
and Estate Planning Advisory of the businesses that were damaged or shut down may never re-open, to the
Board and is a frequent author detriment of many business owners and employees.
and lecturer. The damage done to our economy may take years to recover. Our future
Thomas K. Lauletta, J.D., is a government response will determine whether things improve starting in 2021
retired member of the Illinois or if the country is hit by a “great recession” or worse.
Bar and owner-operator of
Lauletta Technical Writing Investors will have to try to identify which companies and sectors of the
Services LLC, Winter Haven, economy are tailored to fill post-COVID needs. Currently, retail, travel and
Florida. leisure, and the hospitality industries appear to be most at risk.